It may be complicated when you want to divorce or separate and have a joint mortgage, you are both tied into a huge financial commitment. The divorce and separation process is one thing that nobody would wish to undergo, for it is very daunting. Your mortgage commitments may end up being very complicated with your ex-partner.
Our mortgage experts in Scunthorpe are here to ensure you do not struggle to manage everything alone. They have handled so many specialist cases for longer periods of working within the mortgage industry. Some of the cases they have handled involve assisting customers to do away with their doubts about mortgage by divorcing or separating and assist them in removing their ex-partners or their names off their mortgage.
As a Mortgage Broker in Scunthorpe, when people contact us, they will always ask these questions regarding a divorce or separation and their mortgage: how to remove their ex-husband or wife from the mortgage, ways of removing their name from an ex-partner’s mortgage, and whether or not you can possess two mortgages.
What are the ways of excluding your wife or husband’s name from the mortgage?
It is not that easy to make some changes to your mortgage after a divorce or separation as both your names are included on the mortgage. You cannot just go ahead and write off one of the names. This may be more difficult when children are involved too. In most cases, mothers are usually the ones to remain with the children, but it can be different sometimes. So as long as your partner’s name is in the mortgage together with yours, it will never matter if you were paying for it alone without his or her help.
How do I remove a name?
Dealing with this involves two ways; first, you can head directly to your lender to question about removing a name on your own, or secondly, you may get some assistance from an expert Mortgage Broker in Scunthorpe. Nevertheless, they have to be sure that the applicant left on the mortgage will be in a position to afford a mortgage independently in the coming days.
This can be carefully confirmed through an affordability assessment. This assessment is mandatory even if you have always been maintaining your mortgage payments or not. Sometimes, there is a replacement to step in for your ex-partner at this point, who can be a member of the family or a different partner.
You should have it in mind that all lenders usually have their own ways of assessing your affordability, and therefore, you should not be worried or surprised if you get declined as there is still chance to get accepted elsewhere. This is where a Mortgage Broker in Scunthorpe will be of great help to you.
How remove your name from your ex-partner’s mortgage
The basic rules used in removing your name and removing a different person’s name is equally the same. Both names are included in the mortgage in that when you decide to leave the family home; you remain answerable for any joint financial commitment you performed with your ex-partner.
A Mortgage Broker in Scunthorpe will play a big role in helping you remove your name. Once your name is removed, the payment of your mortgage will be considered in the future if you are planning to purchase a new property. Therefore, it is very key to consider this before making an offer.
This is the point where a professional Mortgage Advisor from Scunthorpe is highly recommended. You should always have in mind that your current property’s mortgage payment will be considered before making an offer in the future. This is why it is very important to get specialist mortgage advice in Scunthorpe. Sometimes, you may encounter lenders that are very strict compared to others, having a helping hand could benefit you greatly.
Can you have two mortgages?
It is possible to have two and in some cases more mortgages. After the lenders and their credit scoring tools have considered various factors during your application for your second mortgage, they ill choose whether to let you have another one or not.
One of the main things that will contribute to the lender’s decision is your current financial commitments. In a case where you have other ongoing credit commitments, and you fail the lender’s affordability assessment, this may end up damaging your credit score. So be wary of your other commitments before rushing into it and applying.
You can always consult the Mortgage Broker in Scunthorpe like us before you take the step of applying directly with a lender for your safety. Scunthorpemoneyman can search for you without interfering with your credit score to confirm if you will be in a position to afford a mortgage or not.
We can calculate your maximum borrowing capacity and can give you a rough estimation on your budget. The total cost of your monthly mortgage payment will be added to your current financial commitments.
Mortgage Advice in Scunthorpe
To conclude, it is very important to always have an expert Mortgage Advisor in Scunthorpe by you in every process when you have separated or divorced, and you have a mortgage together with your ex-partner.
Our Mortgage Broker in Scunthorpe offers you a free mortgage consultation. A divorce or a separation is very stressful, and hard to tell what will happen to your finances; you do not have to be stressed anymore about how you will split the mortgage you built together with your ex-partner. Contact us today, our specialist mortgage advisor in Scunthorpe have got you covered.
Date Last Edited: January 23, 2024
